Tax season can make anyone pull their hair out but you’re not alone doing this. Taxes are confusing but the pressure to file all of them accurately before the deadline can further tangle things.
So what do you have to do? Where to start? How to itemize your deductions or how to go for standard deductions? All these questions along with ten thousand others revolve in everyone’s mind before filing taxes.
You do not have to do anything actually because we are the top tax attorney Maryland and our business tax tips are known to solve problems. Today, we will be solving your problem of getting confused in papers. We bring you a checklist of paperwork you need to prepare before filing your taxes.
1). Papers required by business owners before filing taxes.
2). Sales records
4). Returns and refunds
5). Interest payments
- 1099-INT form or bank statements
6). Any additional income
7). Amount of inventory purchased
8). Beginning inventory cost
9). Ending inventory cost
10). Itemized list of expenses including
a) Marketing costs
- Insurance costs
- Phone and internet expenses
- Office supplies
- Office space rent
- Travel and transportation expenses
11). Cost of goods sold
12). In-home business expenses
- Mortgage or rent
- Percentage of home used for business
- Estimated tax payments already made
13). Payments made to employees
- W-2’s and W-3’s
14). Payments made to subcontractors
- 1099-MISC or 1096 forms
15). Payroll returns
- 940’s forms as required
- Interest expenses
- Employee benefits
- Personal healthcare expenses
- Personal retirement investments
16). Bank account information
In order to maximize your return, you need to present a lot of information and file everything correctly. You can hire a tax attorney Maryland or an accountant who can further simplify the process for you.